Reformers are counting on shareholders to rein in compensation. But big investors seem inclined to remain quiet and preserve the status quo.

By Colin Barr, senior writer

Last Updated: November 16, 2009: 12:22 PM ET

NEW YORK (Fortune) — Waiting for investors to slam the brakes on runaway executive pay? Don’t hold your breath. Although Congress may give shareholders more of a say on pay soon, big money managers seem content to keep their mouths shut.

Senate Banking Committee Chairman Chris Dodd, D.-Conn., unveiled a financial reform plan this month that would give investors in public companies an advisory vote on pay policies starting in 2011.

Waiting for investors to slam the brakes on runaway executive pay? Don’t hold your breath. Although Congress may give shareholders more of a say on pay soon, big money managers seem content to keep their mouths shut.

Senate Banking Committee Chairman Chris Dodd, D.-Conn., unveiled a financial reform plan this month that would give investors in public companies an advisory vote on pay policies starting in 2011.